Category: Finance

Finance

Beth Ford's first job paid $2 an hour. Early in the morning, she climbed on the school bus to go detassel corn, joining other kids in Sioux City, Iowa, who did it as a summer job. "Back then, two dollars an hour, that was real money," Ford tells CNN's Poppy Harlow in the latest episode of Boss Files. Now, as the first female CEO of Land O'Lakes — and the…

The trade war between China and the United States is intensifying, but Beijing has just taken one potential weapon off the table. Premier Li Keqiang told an audience of global executives and policymakers that China would not weaken the yuan to boost trade with the rest of the world. "China will never go down the path of stimulating exports by devaluing its currency," Chinese Premier Li Keqiang said Wednesday. His…

The United States has an abundance of natural gas that pollution-riddled China badly needs to wean itself off coal. Eying China's voracious demand, Cheniere Energy, ExxonMobil (XOM) and other American energy companies are racing to build more than two dozen expensive facilities to export liquefied natural gas, which is super-cooled natural gas that can be transported by ship. China even marked President Donald Trump's visit to Beijing last fall by…

Wall Street doesn't seem to care about the escalating trade war between the United States and China. The Dow jumped 175 points and the Nasdaq climbed 1% on Tuesday despite Washington and Beijing pushing ahead with another round of punishing tariffs. Investors are betting the US economy will continue to power ahead of the rest of the world. Yet beneath the surface, some are getting worried about the ability of…

Companies in the front line of the trade war between the United States and China are anxious about what comes next. Executives at a World Economic Forum event in the northern Chinese city of Tianjin have been digesting the dramatic escalation in the conflict this week. Some appear relaxed, some worried, while others are hoping for the best. The Trump administration launched its biggest barrage of tariffs against China early…

Legendary investment bank Lehman Brothers was on fire — and no one was coming to put it out. Bank of America refused to rescue the 158-year-old Wall Street firm without support from Uncle Sam. The British government wouldn't let Barclays (BCS) buy Lehman Brothers and its toxic balance sheet. And Washington decided against another politically unpopular bailout. So Lehman Brothers was allowed to fail. At 1:45 a.m. on Monday, September…

When John Taylor starts remembering the years leading up to the financial crisis, his fury wells up all over again. As president of the nonprofit National Community Reinvestment Coalition, he warned Congress about the predatory and fraudulent lending that was fueling a housing bubble as early as 2000. Lawmakers told the Federal Reserve to write rules that would have put a stop to the worst practices. But the crash came…

Mark Carney is sticking around for Brexit. The Bank of England said Tuesday that Carney would stay as governor until January 2020. "I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit," Carney said in a letter to UK treasury chief Philip Hammond. The United Kingdom is due to leave the European Union on March 29, 2019.…

Move over Russia and Saudi Arabia. America has reclaimed its throne atop the oil world. For the first time since 1973, the United States is the world's largest producer of crude oil, according to preliminary estimates published on Wednesday by the Energy Department. The feat demonstrates how the US shale oil boom has reshaped the global energy landscape. American oil output has more than doubled over the past decade. "It's…

Have the risks of another financial crisis been eliminated in the 10 years since the collapse of Lehman Brothers? Not entirely, according to Bank of England Governor Mark Carney. "Could something like this happen again?" he said in an interview with the BBC. "Could there be a trigger for a crisis? If we're complacent, of course it could." The central banker, who has extended his term at the Bank of…